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He was looking for a property and we came up with this "idea" to buy at auction with hard money and sell to him right after. Targeting high end properties we figure there won't be much competition at the auction. We weren't sure about any seasoning issues. Thanx for the insight Chris

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Investor from San Jose, CA

replied about 3 years ago

Bud,

Correction. I'm a plus, not a pro. I plan to downgrade to a free as I don't even feel qualify for a plus. Still have a ton to learn. 👻👻👻

When you're buying at the county auction. You have to pay all cash on the spot. The cashier's checks are made payable to yourself. Once you won the bid, you endorse the checks to the auctioneer. So tell me, which HML will lend you hundreds of thousands of dollars unsecured regardless if you have a buyer lined up or not. Your best bet is borrowing from your relatives.

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